Long time lurker, first time poster:
My fiancee and I are about to get married soon and we're at a bit of a loss on what to prioritize for savings goals. We are living and budgeting off of my salary and planning to save 100% of hers (about 30,000/year). Both of us contribute to our 401k (not maxing out but it's currently set to an amount that we were able to manage while we were single) and I also have a Roth IRA that I contribute about $100 to monthly.
The only debt we have is monthly car payments which we're also planning to pay off by selling my car (we live in a city and don't need both cars). We've also been very fortunate to be able to start off our marriage with about 50k in savings (just sitting in a typical savings account).
I've seen/heard a lot about having 6 months of emergency funds, generally saving up for larger future expenses (house down payments, kids, etc.), and I've heard a lot of chatter regarding putting some money towards investments.
I have a few questions:
- What should we prioritize first?
- When people say to have these funds saved up, where are they saving them? Checking? Savings Accounts? Other?
- Knowing myself, I'm not going to be able to keep up with high-touch investing. With that being said, is it a myth to be able to "make my money work for me"? If not, how do I start taking steps towards that?
Also - any books, articles, and useful resources that you'd recommend would be MUCH appreciated.
Submitted July 18, 2021 at 12:23AM by dankindoots https://ift.tt/3B7Zgj4
